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Why traditional validation isn’t the only approach you should consider

Hello Soda - KYC & AML Checks

Do traditional validation and verification checks do the job these days? At Hello Soda, we’re strong believers in looking to alternative data verification solutions, but why?

Ensuring that businesses have secure and reliable identity verification processes in place has always been a top priority for businesses, but with the abundance of digital data now available, do businesses truly have to rely solely on traditional checks?

Traditional Checks

Fraud is constantly on the rise, in particular impersonation fraud, with Cifas reporting that approximately 500 identities are stolen every day. If a traditional verification check is carried out, how can businesses authenticate that the individual utilising the identity document is truly the document owner?

Not only are there fraud risks with traditional checks, but there is also the time and resource that comes alongside this.

By utilising traditional checks in your verification process may mean that manual checks need carrying out in order to verify the customer’s identity – this takes not just time, but also means that a business needs to employ a team to carry out these checks – costing the business unnecessary money, and also causing drop-offs in the user journey.

With alternative verification checks, such as digital verification, businesses are given the confidence to believe that the individual is genuinely who they say they are, whilst verifying an individual’s identity in less than 5 seconds, with two clicks.

How can Hello Soda help?

Our identity verification solution, Profile iD, can automate your verification processes at a low cost, all while onboarding more customers – ultimately boosting your revenue.

In summary alternative data is a clear game changer for many businesses looking to effectively verify & authenticate customers, whilst saving time and reducing costs. The real question is, are you ready to evolve?

Get in touch today to learn more about how we can enhance your verification processes and onboard more customers in under 5 seconds.